According to data of the Ministry of Finances, 91,080,415.55 euros have not been collected from VAT due to phony invoices, for the period between January and October of 2012. A further 54,111,644.18 euros of VAT deduction was also liable, bringing the total sum of VAT loses to approximately 145 million euros.

The data was publicized in a memo by Deputy Minister of Finances Giorgos Mavraganis, in response to independent MP Paris Moutsinas and DIMAR MP Asimina Xyrotyri’s question about the measure of electronic invoices.

Mr. Mavraganis underlined that the ministerial decree so that tax data from invoices is electronically collected in a GGPS database, is being processed. The deputy Minister also explained that the EU has approved the new specifications of tills and the relevant EAFDSS software upgrade.

Mr. Mavraganis estimates that analytical and accurate tax data on transactions will be available in about six months, who believes will “assist in instantly discovering violations, as well as calibrating and improving regular checks”.